45. COVID-19 PANDEMIC (CONT’D.) (d) Synergistic Travel and Lifestyle Businesses Throughout the year, the Group has transformed to be more than an airline. The Group has reshaped, restructured and expanded the Group to become a digital travel and lifestyle services Group. The pandemic accelerated the growth to fully transform the Group into an investment holding company and ultimately create an ecosystem of synergistic lifestyle brand under business verticals comprising AirAsia Aviation Group, airasia Super App, logistics venture Teleport, BigPay fintech service, the airline engineering business Asia Digital Engineering and venture arm Redbeat Capital. The digital transformation which commenced even before the pandemic has already received overwhelming support to-date through various fundraising initiatives. Despite the disruption caused by the new variant of concern, Omicron, the recovery of the airline industry in 2021 has improved compare to the previous year. With the recent positive development where the governments in Asean countries gradually easing the travel restriction and reduce or remove onerous entry requirements, the management is confident that the aviation group is moving in a positive direction and is expected to rebound stronger and continuing to grow larger with a lean operating structure. Accordingly, the Directors are of the opinion that the going concern basis used in the preparation of financial statements is appropriate and no adjustments was necessary to be made to the financial statements relating to the recoverability and classification of the carrying amount of assets or the amount and classification of liabilities. Should the going concern basis for the preparation of the financial statements be no longer appropriate, adjustments will have to be made to state the assets at their realisable values and to provide for further liabilities which may arise. F I N A N C I A L S T A T E M E N T S A N N U A L R E P O R T 2 0 2 1 3 1 5
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